General overview for 05/05/2015 08:50 CET
As anticipated yesterday, after breaking the intraday support at the level of 133.69 the market is going to test the weekly pivot point at the level of 133.34. The decline is likely to continue lower to test the today’s intraday support at the level of 132.55. Any breakout lower would prove the indication that the top for the wave B is in place and test of the level of 131.27 is due.
135.26 – Swing High
133.69 – Intraday Resistance
133.32 – Weekly Pivot
132.55 – Intraday Support
131.43 – WS1
131.27 – Technical Support
As long as the level of 135.26 is not violated, daytraders and swingtraders should consider opening sell orders from the current price levels with SL above the level of 134.83 and TP at the level of 132.89 with a possible extension downside to the level of 131.27 later this week.
The material has been provided by InstaForex Company – www.instaforex.com